Amazon Founder, Jeff Bezos, has made headlines by selling 24 million shares of the company, accumulating over $4 billion in return. This marks the first instance of Bezos selling Amazon shares since 2021, and it follows his announcement of planning to sell up to 50 million shares over the next year. The motive behind Bezos’ decision to sell Amazon shares remains undisclosed, but his recent relocation from the Seattle area to Miami has led to speculation about potential tax savings.
Bezos’ decision to move to Florida, known for not imposing a capital gains tax, stands in contrast to Washington state, which introduced a 7 percent tax on such earnings in 2022. This strategic relocation could potentially save Bezos around $288 million in taxes. Despite the significant financial transactions, both Amazon and Jeff Bezos have refrained from commenting on the issue. The implications of Bezos’ actions extend beyond his personal finances and may affect Washington state’s revenue from the capital gains tax.
On February 16, Jeff Bezos continued to offload Amazon shares, selling another 12 million valued at $2 billion. This brings the total sold in the past week to more than $6 billion. Bezos’ fortune has notably increased by $22.6 billion this year, reaching $199.5 billion, according to the Bloomberg Billionaires Index. Forbes estimates Bezos’ fortune at $195.5 billion, securing his position as the third richest individual globally, trailing behind Bernard Arnault and Elon Musk.
Bezos has a history of selling Amazon shares, having offloaded over $30 billion since 2002, with substantial transactions occurring in 2020 and 2021. Additionally, he has been actively gifting shares, including a donation of approximately $230 million to nonprofit organizations in November. The move has sparked significant interest and speculation about the impact on both Bezos’ personal finances and the state revenue from capital gains tax.
The internet has been abuzz with discussions and reactions to Bezos’ substantial share sales and his rising fortune, marking him as one of the world’s richest individuals. Despite the ongoing sales, Bezos has not fully explained his decision to divest and institute the trading plan. This has left many curious about Bezos’ future plans and the potential implications of his actions. The situation remains under scrutiny as the story develops further.
